India Post Payments Bank Incorporated
India Post Payments Bank has received the certificate of incorporation from the Registrar of Companies, Ministry of Corporate Affairs under the Companies Act 2013, paving the way for the postal department’s bank to begin operations in 2017 as announced.
IPPBL would be the first PSU under the Department of Posts (DoP).
Facts about India Post Payments Bank Limited (IPBL)
- The Union Government has given its approval for setting up IPPB as a Public Limited Company under the DoP with 100% Government of India (GOI) equity.
- The Union Cabinet, chaired by Prime Minister Narendra Modi, had in January approved the proposal to set up IPPB with total project cost of Rs.800 crore.
- The new bank is expected to commence operations by March 2017 and will set up 650 branches and 5000 ATMs across the country.
Advantages(Benefits) of IPBL
- Coupled with the physical presence across 1.55 lakh post offices and the reach of “The Dakiya,” the India Post Payments Bank has the opportunity to become a powerful and effective vehicle of real financial inclusion in the country.
- Generate new employment opportunities for skilled banking professionals.
- Facilitate spread of financial services like insurance, pensions, mutual funds to customers especially from rural areas and the unbanked and under-banked segments